JIAXIN INTL RES

SEHK

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We are a tungsten mining company based in Kazakhstan, focusing on the development of our Bakuta tungsten mine (“Bakuta tungsten project”). According to Frost & Sullivan data, as of December 31, 2024, this is the world's largest open pit tungsten deposit in terms of tungsten trioxide (WO3) mineral resources. According to Frost & Sullivan's data, as of December 31, 2024, our Bakuta tungsten mine is also the fourth largest tungsten ore in the world (including open pit tungsten ore and underground tungsten deposit) according to WO3 mineral resources, and has the largest production capacity of engineered tungsten ore in the world among monomeric tungsten ores. During the track record period, we mainly focused on preparing for commercial production of the Bakuta tungsten project, and put it into trial production in November 2024 to test and fine-tune the processing operation method. We expect commercial production to begin in the second quarter of 2025, and the target annual mining and mineral processing capacity for 2025 is 3.3 million tons of tungsten ore. Although we and our engineering, procurement and construction (EPC) contractor CCECC experienced some delays in the construction of our Bakuta tungsten project due to various factors beyond our control (such as delays due to COVID-19) during the track record period, due to the fact that travel and cross-border transportation restrictions imposed by the jurisdiction where we operate to prevent COVID-19 have been completely lifted, and as of the last practical date, we have proceeded with the rest of the construction activities in a timely manner in accordance with the plan of action, we believe that we began commercial production in the second quarter of 2025 The goal is realistic and reasonable.